Cryptocurrency News

Belgian Investment Company Purchases Bitstamp in All Cash Deal

Belgian Investment Company Purchases Bitstamp in All Cash Deal

A Belgian investment company called NXMH has recently bought Bitstamp – one of the largest and the oldest of all Bitcoin exchanges.

As per reports by Fortune, NXMH- the Brussels based firm bought an 80 percent share of the Luxembourg-based digital exchange. It came into being in the year 2011 just after the Bitcoin price went as high as $31 and back to $2 due to the “Bitcoin bubble.”

Terms of the agreement have not yet been disclosed; however, according to rumors circulated earlier, Bitstamp that owes its inception to a Slovenian garage and started with a capital of just 1000 Euros, is now seeking around $400 million. Also, it is in its final stage of coming up with a deal with an investment company in South Korea.

Reuters reported the CEO and co-founder at Bitstamp namely Nejc Kodrič saying that there were four interested buyers of the exchange. But he chose NXMH mainly because it put forward the proposal of allowing the transaction to continue serving in the form of an independent unit. Kodrič further added that Korbit and the firm went into discussions about amalgamation but ultimately came up with the decision of remaining separate. Subsequently, he stated that neither 180 employees of the firm nor the traders must identify any essential modifications.

During an interview session with Fortune, Kodrič said, “Last year, the animated industry showed potential interest on the part of the buyers for making a footprint across the industry. Suitors approached us right in the middle of last year. However, we were not interested in selling Bitstamp. We were not on the lookout for investment since we were not interested in increasing the capital.”

Pantera Capital, the popular cryptocurrency hedge that made an investment of around $10 million in the digital exchange Bitstamp in the year 2014, also sold a part of its ownership to NXMH while retaining some interest in the trade.

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